>> trade war on hold. reach a dealcker that avoids an ugly transatlantic spat. >> markets like that news. the s&p 500 pushes forward, treasuries decline. >> facebook is a big loser. shares slumped and unhappiness is revealed. >> blackrock and vanguard differ

in their expectations for the meeting next week. "daybreak: is australia." y: it is just past 6:00 p.m. in new york. we will be looking at all the action on wall street. let's get a look at the markets here. we did say -- we did see some positive pops, especially at the late end of the day, but that belies what happened in after hours. we did see the breakthrough in terms of the u.s. and the eu. donald trump and jean-claude juncker saying they would cooperate on tariffs. acebook missed estimates in big way and the stock price fell in after hours, down about 20%.

it looks like qualcomm is not on track for securing its bid for nxp. just about half the story when you are looking at it on the markets board. haidi: we are also looking ahead to the ecb decision. some of the other big names like amazon, twitter, still yet to announce. alphabet versus facebook, we will get more on that throughout the course of the hour. ultimately, what we are getting from wall street. bloomberg dollar index falling to the lowest in about seven weeks. that's going to play into the asian fx space today. sydney futures looking more positive. with that jumping commodities comedy bloomberg commodities index, as well as the jump in

oil, expecting to see materials, industrial, and energy sectors to lead the gains. 7445.e dollar trading at . a bit of a mess yesterday, saying it doesn't change expectations. president trump has reached an agreement with european commission president jean-claude juncker aimed at averting a transatlantic trade war. he says they will be working towards zero tariffs. pres. trump: we agreed today, first of all, to work together tariffs, zero nontariff barriers, and zero subsidies on non-auto industrial goods. haidi: let's get straight to washington. our congress editor, joe, is with us now. uncker went to washington to

get a deal. now that they have one, can we say the crisis has passed? joe: we can say it has passed for this round of negotiations. trump has pulled back his threat of tariffs on autos. the europeans have agreed to buy more u.s. soybeans and natural gas. this does relieve a lot of the tension that has been weighing on markets. tariffl have got the tit-for-tat with china going on. that has not been resolved. but this is definitely good news all around for the auto industry and possibly for some others going ahead. ramy: of course, all this right now is talk on the world stage, but what exactly was agreed to? and what wasn't agreed to? joe: what wasn't agreed to with any specifics on the tariffs for aluminum and steel. there is not a specific target

like how quickly these other tariffs might come down, what is the goal for that? , as i've mentioned, the european agreement to buy soybean and gas from the u.s. but we don't have figures of what level that will be. will that be enough to make up sales to china? a lot of talking that needs to go on. haidi: where do we go from here? joe: the talks. keep in mind, trade talks aren't resolved quickly. to demand asion renegotiation of the nafta deal between canada, the u.s., and .exico those talks are still going on. sometimes trade talks can last

for years, a decade. there are numerous situations where u.s. presidents have signed trade agreements that were initiated under their predecessors. there are still some ways to go. will have to see how patient trump is with these the negotiation's as we go along. for now, we are back into the talking stage. joe, thank you. is headlineseal today on this edition of "daybreak." it is available on the terminal and on mobile on the bloomberg anywhere app. inebook is tanking after-hours trading after posting a lackluster second-quarter earnings report. it missed estimates on revenue for the first time since 2015. it also came up short in monthly as well as daily active users.

let's go to san francisco and bloomberg technology host emily chang. what should we read into all of these numbers? if this is where facebook opens when the markets reopened, facebook will have lost all the gains it has made. we have seen a huge run-up in facebook shares despite the cambridge analytica and data privacy scandal. facebook hasn't missed on revenue since 2015. this is really significant. we actually saw a decrease in daily active users in europe in particular. there is a bright spot, and that is instagram. take a look at what mark zuckerberg said moments ago. mark zuckerberg: this accusation -- this acquisition has been an amazing success. when they joined us, they had 16

people, and since then kevin and the team have built stories, and now ig tv. it is a story of how effective the integration has been. emily: you wonder how often mark zuckerberg has to convince the ceo of instagram that selling to facebook for $1 billion so many years ago was the right call. $8tagram will generate billion in ad revenue this year. that is pretty significant. that is a silver lining to the negativity we are seeing right here. 22% down after hours. if this continued into tomorrow's active trading session, it would be at a low we haven't seen since late april. to what extent is this fallout from the data scandal we have all been following? emily: as we were talking about

earlier, that is the million dollar question. we don't know for sure. we have all heard anecdotally about people who don't use facebook as much, don't trust facebook is much, but it also could be facebook is starting to reach that plateau. are there no more new users for facebook? are we going to start to see that growth coming from their other apps like instagram, facebook messenger, whatsapp. some of the studies show the majority of users don't necessarily trust social media with their data, but are they going to act to change that? most users don't take concrete action. quarter in which mark zuckerberg testified for 10 hours before congress. it's a company that, despite dismiss, is still growing revenue -- despite this miss, is still growing revenue 40% year on year.

it is barely a mess. still very unusual for facebook. next quarter, they will have a lot to prove. haidi: we also had a key update on the whole qualcomm-nxp tsonga. where are we at -- qualcomm-nxp saga. emily: qualcomm says they are pulling out. the deadline is today for the chinese government to approve the deal. bloomberg is reporting that chinese officials were prepared to approve the deal but this trade war started heating up and what appears to have happened is qualcomm and nxp have become pawns in a global trade war. the ceo of qualcomm says they still think it is a good deal. chinese authorities could still come back and say they approve it. they never said they didn't approve it, they just haven't said anything so they are leading the deadline expire.

the qualcomm ceo said -- thatinly, he is implying these trade tensions had a broader affect. it is certainly a big blow to qualcomm. this is a company trying to diversify. they are a leader in mobile phone chips. as the smart phone market is plateauing, they wanted to buy nxp to get more exposure to the automotive chips sector. , which huge blow for nxp has to now convince investors that it has a strong future as an independent company. haidi: some pretty fundamental issues facing those companies at the moment. emily, thank you very much. more tech news. 6%pal shares are down almost in after-hours trading. the company had reported a third-quarter revenue forecast

that missed estimates. we're getting the third quarter earnings call right now and those shares are crashing pretty quickly. let's get you the first word news. slamming autogain tariffs and the idea that cars made with parts are a threat to u.s. national security. donald trump is already used the security argument before. this triggered angry responses from u.s. allies and opponents. freeland spoke after trade talks in mexico city. could pose car parts a national security threat to the united states, that is absurd. >> the british government is said to be weighing a radical option to break the deadlock over brexit, but it might enrage the northern irish party propping up theresa may's

government. they said it may impose market regulation on the province. the plan is seen as a backstop, but it would avoid a hard border with ireland. gm chrysler reporting earnings with growing concern that terrorists are wreaking havoc on the auto industry. areven -- that tariffs wreaking havoc on the auto injury. they cut earnings forecasts and warned of an $11 billion restructuring. former chrysler boss has died at the age of 66. he had surgery on his shoulder three weeks ago but suffered complications and his health rapidly declined. twos credited with building dysfunctional car companies into the seventh largest manufacturer

in the world. 24 hours on air and on tictoc on twitter. this is bloomberg. ramy: thank you. we're going to do and earnings check right now. second-quarter operating profits slightly missed estimates. billionmate was for 268 yuan or so. second-quarter income did beat estimates. the most important thing is that naver's second-quarter operating profits missed the estimates. thel ahead, why two of world's biggest money managers are split on whether the bank of japan will tweak its policy next week. more on the views of vanguard and blackrock a little bit later. trop--- will be

donald trump-jean-claude juncker trade talks reduce tensions? ♪

we are counting down to the open of trading here in sydney. this is our futures are trading -- are shaping up. looking mildly more optimistic going into the open. a strong session overnight for commodities as well as the energy space. of course, that overwhelming theme of trade tensions diffused, at least when it comes to europe and the u.s., perhaps with this deal between trump and jean-claude juncker, a little bit more risk appetite to the agent session -- the asian session as trading gets underway. ramy: you are watching "daybreak: australia." u.s. markets rallied on the trade agreement. treasuries declined but

their lossesred after being spared the threat of more tariffs. did the markets view today's development as a turning point in the trade war or was it more of a blip? >> it was certainly a short-term turning point. it was a pretty direct impact. you saw in the last half hour of trading comedy dow jones industrial -- of trading, the dow jones industrial average gained. the s&p and the nasdaq also moved higher. spiker yields strike -- as well. i want to draw your attention to some of the emerging markets space, which has been a losing space for some time with the dollar strengthening. eem, the main emerging markets etf, you saw that rally hard. we haven't seen that in a while. that was down about 5% through

the month of june. it really outperformed small caps, which had become one of the haven trades. that was an indication of how people are viewing what transpired today. ramy: we saw the bloomberg dollar spot fall something on the order of 0.5% or so, which give a lift to em. gessner,ng in maddie jpmorgan alex -- jpmorgan asset allocation strategist. we have been whipsawed. then,s were pretty tepid, at the end of the trading day, they went up. key onink trade is everyone's mind right now. that a reduction in uncertainty around trade is going to allow people to get back to the bargaining table and then potentially have investment behavior come back into the market and corporate behavior

begin to start investing again. those are watching for. as these things escalate, more uncertainty from corporate behavior will impact earnings and results. is this sometimes, a bit of a genius, i guess, when it comes to creating a situation where we see so much downside and then creating a solution? before that, some breaking news. arie ceo moore will be retiring. ake replacement, wikramanay will become the ceo. we'll get more on that when it becomes available. it is saying operating groups are performing better than expected, but the key news is moore withent of

wikramanayake to become the new ceo. witharie underscore name scrutiny coming through from that royal commission. breaking news out of cindy here. but just getting your views on this, more than one analyst has said that trump has managed to set up really low expectations going into the midterms. i think this is a process. we are going to watch this process unfold. the extent to which we can come back to the bargaining table is going to be positive, certainly for investors, certainly for emerging markets which have felt the pain all year long, and maybe for the dollar depending

on what the agreements turn out to be. we could see a reversal of some of the trends we have seen. i think they get more global diversification, better opportunities for investors. i think everyone is feeling that uncertainty right now. in particular, the technicals have really been a challenge. if you look at the flows out of emerging markets, we have seen $2 billion or more each week. a lot of that is coming out of etf, which means it is kind of indiscriminate selling. we are not looking through the exposures to decide who are the winners and losers on this issue. it is really indiscriminate selling. thele coming back to bargaining table means that fundamentals may start to take hold. when we are having a positive earnings season, we will see stocks react. "selective"the word

in your notes. what is a selective risk you are looking at in terms of equities? in terms of equities, we think it is important to recognize what is driving market. right now, when you look at investor behavior, we have seen over the past couple of years is that we have been in this starved environment where investors are not able to get any yield out of their fixed income investments. they move into the equity space to try to get those dividend yields out of stocks. now we're in a situation where the two-year treasury yield is above the yield on the s&p 500. this has become a total return story. growth has outperformed value. when you look at that later cycle dynamic, that is typically how the devolution of market performance plays out. you typically see those stocks outperform.

romaine: you made a good point about this being an indiscriminate selling. is this going to become more of an issue where we see folks and of moving to specific sectors and specific stocks in a more orderly way that is based on fundamentals? maddi: i think it is a really important question. we will be watching the earnings cycle very closely. once we get to the end of this weekend we have 40% of companies -- this week and we have 40% of companies reporting, we will know where we are. if we see a repeat of last quarter, really strong earnings on one hand and really tepid market reaction on the other, that is when we get concerned and we want to take risk down a little bit. we understand that, despite the good news, investors are looking andard 18 or 20 months out not seeing a continuation of the momentum.

haidi: the question we have been asking this week, with these markets close to 1% or 2% away from all-time highs, what is the adequate justification for the next leg higher? is there too much exuberance going on, particularly as we have had a couple of bouts of volatility recently? maddi: i don't know if i would call this market exuberant. i think we do have volatility. over the past few weeks, we have been watching the yield curve, watching the potential for yield curve inversion, which we have a healthy skepticism around. exuberance is not necessarily the way i would describe the narrative. that being said, we do have the tax cuts working through the corporate system right now. 20% earnings, high double-digit earnings growth, is what we are expecting this year. that is a very positive environment for taking risk, particularly in u.s. stocks.

i think the key thing for us is uncertainty around the geopolitical events, around the trade. once that resolves, we see the fundamentals take hold again, and we do see strong fundamentals. haidi: is there an expectation that will resolve? by and large, if these trade tensions continue, the tariffs are implemented to any significant extent, that cancels out the positive effects of the fiscal measures. maddi: that is right. the question for us as asset allocators, how do you hedge that exposure? how do you make sure you are mitigating risk in portfolios? we are doing that in the credit markets. in the equity space, you are seeing correlations spike, seeing things traded together because they are feeding on the rhetoric of the trade and the expectations around that. whether it is large-cap, small-cap, emerging markets, each will be impacted in its own

way but every market will be impacted by a. we can find opportunities in the where we can still get some carry into the portfolios. haidi: thank you so much for di, jpmorgan asset allocation specialist. also, romaine. thank you very much to you both. the ceo of macquarie stepping down. nicholas more seem to -- een toas moore is s retire. paid ceosof the top which has had some controversy. he will be replaced by shemara wikramanayake, who has been with the company for 30 years now and has been one of the more high

profile young executives looking to step up, and that has happened. ramy: coming up, cars crash. u.s. automakers tumble amid tariff fears. ♪

markets open in about 90 minutes' time. a little bit of positive to video as we ended the session lower yesterday. net gains in oil and across commodities as well. energy and materials today. i am in new york where it is 6:30 p.m. and you are watching "daybreak: australia." let's get to first word news. >> president trump has reached a tol with jean-claude juncker avoid a transatlantic trade war. they agreed to expand imports of

and to gas and soybeans lower industrial tariffs on both sides. they will hold off another tariffs while negotiating. >> we will not go against the spirit of this agreement unless either party terminates the negotiation. we are starting to get know she ancient -- the negotiation right now. we know where it is going. we are making progress on other issues. >> mike pompeo faced anger in the senate at the start of a hearing on trump's policies. there were serious doubts about u.s. strategy. decisionfended trump's to meet with vladimir putin during a summit in helsinki. i had a number of

conversations about what transpired in the meeting. i was there when they gave us a sense of what they discussed. i had a chance to speak about the russian bureau. i have a complete understanding. a cricket superstar appears to be on course for an election victory in pakistan. his party isggest ahead of the pakistan muslim league. shown as falling short of the majority needed to form a government without a coalition. the number of people killed by fires in greece has risen to 81. rescuers are searching the countryside in fear many more casualties will be found. firefighters from italy and cyprus of joined the effort while surveillance aircraft are trying to determine if the fire to started deliberately

clear land for development. global news 24 hours a day powered by more than 2700 journalists. this is bloomberg. haidi: thank you for that. merger mania. the merger of nine entertainment and fairfax media in australia. fairfax holders getting 0.29 shares. just a that news crossing now. nine entertainment and fairfax. we did have some alignment between nine and news corp. in terms of data sharing agreements. to try to beat the competition. now we are getting the straight nine to acquire

fairfax media in a cash and share deal. more details of that as they become available. let's get more as trading gets underway in asia. adam is with us. notable manager. what is he saying in terms of the uncertain elements? he is saying he is shifting more of the equity portfolio into cash. up to 18% in cash, which is an all-time high for those guys. they've been invested in now and the big names that have done well. they are painting a picture which is unsettling for equity return her's. they want to position cash going into that. one of the scenarios that is significant in terms of the likelihood it could play out is the fed is forced to tighten quicker than the market expects.

runaway inflation means they will have to tighten policy. that could result in 3.5% 10-year bond yields in the u.s. which would cause the biggest drop in stock market we have seen since the financial crisis. it could be 20% or 30% decline. clearly positioning the portfolio for the potential , because the alternative is you have a lackluster environment for equity returns. he said it is a coin toss between which of those plays out. ramy: in india, one fund is going gangbusters in terms of returns. to ride thisn able wave of volatility. we are talking 25% in terms of returns. adam: not too bad. if you think about the indian stock market, we had significant

selloff from those record highs ,n the early part of the year decent 10% correction. then we had a steady rally. what the folks at axis have done is right out the wave of volatility by shunning momentum stocks, not chasing returns. they are stuck with financials. if you look at the top holdings, those stocks have basically made three quarters of the games on the index. winnerse been targeting this year, contributing to their game. chart shows, the extent of this fund is stark and it is rare you see such outperformance. i'm sure the fund manager will be looking for slightly less returns over the next 12 months.

he will not be banking on another 25 percent. one thing he is banking on is the government in india continues to spend money in the world areas, going into the elections. he is looking at improvement in consumer demand. that. thank you for our global markets editor. don't forget to check out our gt library.ry -- gtv as we count down to the policy decision, money managers are split on what the central bank will do. i want to bring in our editor. differs on what will happen next week. >> this is interesting because they are the biggest asset managers. blackrock is saying, they believe there is a chance the

bank of japan will do something. it will be a closely watched meeting. it could allow the 10 year bond aroundore scope to move its target of 0%. another option would be to change the language around the target they have for the bond purchases, which is something they have. if they do anything next week, it is important to note thekrock says -- one thing bank of japan does not want to do is to push the yen higher. that would disrupt in their to boost inflation. that is exactly the reason why chance ofas a little anything happen at the boj meeting. market also the consensus. inflation is low, well below the

2% target. it is going to be a closely watched meeting. ramy: you mentioned bonds. how has speculation impact of those assets? >> earlier this week when the new started coming out, we did see japanese bond yields surge. it was the biggest gain since september 2006 when the boj adopted this policy of a yield which it does not want to happen. at the same time, stocks decline on monday. it will be a very crucial meeting next tuesday. ramy: we look forward to that. thank you very much. shifting gears, it was an ugly wednesday for detroit's big names with trade tensions weighing on profit forecasts.

general motors cut its targets on higher steel and aluminum costs. chrysler followed after lackluster sales in china. ford announced a restructuring. u.s. considering tariffs, the industry faces a tougher future. craig trudell leaves our automobile team and joins us now. dayswas one of the worst since the great financial crisis. what are top of mind things investors need to know? >> you hit the nail on the head. it is hard to start off on a worse note than the loss of replacedat chrysler him as best ceo over the weekend due to failing health. after that, you had fiat chrysler and gm come out with earnings forecasts that were lower than what they had expected.

it is a range of reasons. the trade issues are definitely a concern. that was a major component of why gm tickets , citing steel and aluminum costs. ford has operational issues. they've been struggling several years. it is fair to say the commodity cost is a significant problem for them. they are a mess right now. they have problems in china, problems in europe, an aging product line up around the world. they are lucky they have the pickup here because otherwise they would be in dire straits. fiat chrysler, difficult start for mike manley. they also cited issues in china as one of the reasons.

>> right. chrysler and ford are in a tough position. chinese brands have actually taken off in that market. that was not the case for a long time. you saw international carmakers were having a heck of a time in that market year after year. they could count on massive growth. gm, you see a little bit insulated because they have a local chinese budget brand. even they have had a hard time with the buick brand and chevrolet with the rise of domestic chinese brands. it is surprising to see fiat chrysler have trouble with the jeep brand in that market. jeepare very hot there and push inly making a

china and has run into resistance. the new compass has not been received well. they have talked about not hitting the mark with their marketing. the trade all down to tariffs. thank you for that, craig trudell in detroit. guidance outnting of the automakers. facebook faltering. is this a turning point for the social network? is it an overreaction? we will dig into that report next. this is bloomberg. ♪

welcome back. i am in new york. haidi: i am in sydney. you are watching "daybreak: australia." facebook plunging in late trade after the disappointing growth forecast. qualcomm all but abandoning its bid to acquire a rival.

joining us now is john o'donoghue. you among others have high expectations for facebook, particularly when we saw the details about ad revenue for alphabet. were you disappointed in the numbers? it was a miss, not a bad miss. >> good afternoon. or good morning. basically if one understands the work we do, where we talked to ,dd agencies and media buyers the numbers we found in the marketplace were reflected in what facebook reported. i think the forward guidance inasmuch as they are conservative, this was much more han what we areha looking for and it is reflected in the way the stock is trading right now. it was surprising on the guidance numbers.

haidi: is this an existential moment for facebook? it is the dominant force when it has the holy grail of user data and information that people want. danger intion in anyway? >> that is a good question. one thing is the maturation of the platform itself and what becomes steady users. billion globally right now. obviously the issue they went through with the cambridge situation, obviously with regulation, and we have seen it happen to google, with the gdp situation that has come out, platforms like this which have had massive growth and expectations, as they

more mature companies, the rate of growth will be reflected down a little bit. thisot going to say tongue-in-cheek, but i don't know if facebook is guiding the street down a little bit. the situations that are steadyhted, where does state population on facebook platform get to? of theom the standpoint i did noteissue, there was a story a little while ago facebook, google, and the other platforms are being called before the senate and house again for discussions about their platforms. john, a lot of attention

was paid to instagram as being one of the bright spots. out of all of the facebook properties, that is the most mature. you look up messenger, how soon and how does the company bring these to a point of maturity and monetization to the extent instagram has been successful in doing? the work we have shown is that they are taking instagram , i will a relatively not say pedestrian, they are not racing with it. the sources we speak to speak positively about their experience on instagram and the advertising. messenger, we do not do a lot of work in there. i could not comment on that. astagram will turn out to be very good acquisition on the platform. john, hold that thought.

some breaking news. --ther earnings for sport report from imax china. first-half revenues at $51.5 million. a net income of $20.5 million. pere is an interim dividend share of two cents crossing the terminal right now. john, getting back to you, one of the shadows over our discussion right now, to what extent the privacy scandals weighed on what is happening with facebook and the ad revenue. slight, i will not say slowdown, we definitely saw action in the marketplace through the end of the first quarter and the beginning of the second quarter from our work. it seemed to have alleviated the back half of the second quarter. i would think all of these

with the privacy issues are going to be sensitive. i would note a number of employees referenced on their call tonight facebook has increased dramatically. they are sensitive to that. with the the cost hiring and the work they are putting into making sure their platforms are well-intentioned, is probably going to outstrip the growth for a little bit. i tend to think that is part of the issue. ramy: i am graduate mentioned headcount. it increased 47% there. concern for growth is in europe.of gdpr europe saw a decline in users. your thoughts? gdpr is an interesting, how

to say it, movement. receive orbe able to to be engaged on a platform you have to opt in. i have noted, there has been some discussion in washington that this is something, that congress should look at. i am not really sure. we saw a minimal impact from .dpr regulations on ad spending as regards activity for the individual users, i am not sure on the metrics. i would look at them afterward. ramy: thanks very much. john o'donoghue with the latest analysis out of facebook.

for breaking news wherever you are, we have tictoc by bloomberg. the first global news network on social media offering live video coverage and updated top news reports verified by us. make sure you follow tictoc. this is bloomberg. ♪

ramy: welcome back. the latest business headlines. bank ceo is talking expansion again after spending his first four months cutting jobs, reducing risk and building capital. he said the bank can now grow in the second half. shares fell after the key business of fixed income reported its weakest second quarter since the global financial crisis. overall cia be revenue is expected to grow. capitale build up the and with the processes we have,

with the franchises we have, i am confident we will see goring revenue. named macquarie group has shemara wikramanayake as the next ceo with nicholas moore to retire. she currently heads the asset management arm. she will be appointed to the board. earnings has record and solid momentum. aftermattel slumping hours, having taken a hit from the collapse of toys "r" us. revenue fell with sales falling 14% to $841 million. it's margin also reeled, 30%, trailing estimates i almost a percentage points, prompting plans to cut a fifth of the workforce. daybreak asia is next.

coming up over the next two hours -- >> we have avoided a trade war from now after that meeting between president trump and jean-claude juncker. abouters, a big concern the possible implementation of auto tariffs. is this a really for the likes of gm and ford? we saw abysmal earnings guidance for the full year. we will speak to a management ceo and strategist about what this means. ramy: concerns there, but apparently there is the ipo market. we will be speaking to a global head of listings. i am curious about what he is going to say about trade intentions. we will explore that as well, between china and the united states in terms of appetite. the trade tensions will

definitely be the dominant theme as we get into trading in asia. that is just about it for "daybreak: australia." " is next. asia this is bloomberg. ♪ this isn't just any moving day.

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yvonne: we are live from bloomberg asian headquarters. welcome to "daybreak: asia" top stories this thursday, trade on the hold. averting and ugly transatlantic spat. both sides say negotiations go on. s&pets, like the news, the pushing higher. expect to extend gains. globalrom bloomberg's headquarters, it is just past 7 p.m. on wednesday. tech making headlines. his book tumbles in late trade as user unhappiness about data safety is revealed in missed results.